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Line 14a: Enter the total HSA distributions (withdrawals) during the tax year, found on Form 1099-SA. Line 15: Enter the amount of those withdrawals used for qualified medical expenses.
1099-SA (HSA/MSA distribution) 1095-A (insurance marketplace statement) ... You can deduct qualified medical expenses that exceed 7.5% of your adjusted gross income on Schedule A (Form 1040). ...
1099-SA. Distributions from an HSA, Archer MSA or Medicare Advantage MSA. All amounts. Jan. 31. Feb. 28 (paper filing) March 31 (electronic filing) 1099-SB. Seller’s investment in life insurance ...
Form 8889, Health Savings Accounts (HSAs), is used by Health Savings Account HSA holders. HSA administrators are required to send HSA account holders and file forms 1099SA and 5498SA with the IRS each year. Form 8917 Tuition and fees deduction. [58] Form 8936 Qualified Plug-In Electric Drive Motor Vehicle Credit
HSA changes are coming in 2024: Here are 14 surprising HSA-qualified healthcare expenses An HSA is a savings account for the sole purpose of paying allowable healthcare expenses.
Health savings accounts also give the flexibility not available in some traditional health plans to pay on a pretax basis for qualified medical expenses not covered in standard or HSA-eligible insurance plans, which may include dental, orthodontic, vision, and other approved expenses. [44] [45] Health savings accounts also have an advantage ...
Pros. Cons. If you change jobs, you can take your account with you. Withdrawals for non-medical and non-qualified medical expenses are subject to a 20% tax penalty.
Qualified medical expenses are essentially those that would qualify for the medical and dental expenses deduction. These are discussed in IRS Publication 502. Other personal conditions, such as a period of non-employment as a self-employed individual, allow the payments for the high deductible insurance policy itself to qualify to be paid from ...
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